Company Release
Business Review of Next Games Corporation for January-March 2017

Published May 05, 2017


This release is a summary of the Q1/2017 Business Review. The complete report is attached to this release and available at

January-March 2017: Successful Listing on Nasdaq Helsinki First North, Q1 2017 Revenue Doubled, Business Profitable


  • Revenue grew by 96% and was 10.9 million euros (€5.6M)
  • Gross margin was 3.9 million euros (€0.05M)
  • EBIT 539 thousand euros (-€3.0M)
  • Listing expenses 544 thousand euros (€0.0M)
  • Operating profit percentage 3% (-56%)

 (comparison to January - March 2016 in brackets)


(EUR 1000) 1-3/2017 1-3/2016 1-12/2016




Gross Bookings 10,432 6,852 33,593
Gross Margin 3,938 54 8,252
Operating proft (-loss) (EBIT) 369 -3,107 -1,582
EBITDA 539 -3,008 -1,155
Adjusted EBITDA 798 -2,283 -709
As percentage of revenue      
Gross margin (%) 36% 1% 27%
EBITDA margin (%) 5% -54% -4%
Operating result (%) 3% -56% -5%
As percentage of gross bookings      
Adjusted EBITDA margin (%) 8% -33% -2%


Gross Bookings does not include deferrals related to sales.

Adjusted EBITDA is defined as operating profit, adjusted for depreciations, deferrals related to sales, licenses and commissions, as well as adjusted for listing expenses.


  1-3/2017 1-3/2016
DAU 537,659 446,483
MAU 1,613,571 1,944,265
ARPDAU (USD) 0.23 0.19
ARPDAU (EUR) 0.22 0.17

Definitions related to key operational metrics can be found at the end of the report..


The most important event during the first quarter was our extremely successful listing on the Nasdaq Helsinki First North marketplace. Next Games was the first mobile game company to list publicly in Finland and we did our part in turning the next chapter in the history of games by creating new practices within the Finnish games industry.

The listing plays a key role in supporting Next Games' growth into an even stronger mobile game company. The initial public offering was significantly oversubscribed and immediately after the listing we had over 4000 shareholders. Among these, many notable institutional investors such as Swedbank Robur Fonder AB, certain funds managed by OP Fund Management Company Ltd, Ilmarinen Mutual Pension Insurance Company, Varma Mutual Pension Insurance Company and certain funds managed by VISIO Varainhoito Oy.

Approximately 46 percent of the demand in the offering came from institutional investors in Finland, approximately 45 percent from institutional investors internationally and approximately 9 percent from private individuals and entities in Finland. This is a clear indication of the credibility of our growth strategy amongst both international and Finnish investors.

During the first quarter we continued active development of The Walking Dead: No Man's Land game, which shows in the exceptional year-on-year development of our ARPDAU metric and in doubled revenue compared to the same period the previous year. In addition, Next Games has two other mobile games based on international licensed IP in different stages of development. Next Games is hence firmly executing our growth strategy with the intention to launch at least one game every year starting from 2018.

Our team grew to 77 employees as we reinforced the teams building new products during the first quarter. Next Games' strong, value-based culture, the autonomy of our product teams and the openness of our internal communications has been a great benefit in recruiting experienced professionals. The focus on our personnel was also reflected on our placement on the esteemed Great Place To Work organization's Best Workplaces survey as the only Finnish game company to make the list.


During the first quarter 2017, in accordance of its strategy, Next Games focused on developing its main product, The Walking Dead: No Man's Land as well as developing new games based on licensed IP, such as movies and TV shows. Currently Next Games has two new games based on licensed IP in development. The company aims to launch at least one game each year starting from 2018.


14th of July - 2017 Half-Year Report
3rd of November  - Q3 2017 Business Review

Additional information:
Saara Bergström
+358 (0)50 483 3896

Certified Adviser: Danske Bank A/S, Helsinki Branch, tel. +358 10 546 7937

Statements are made in this report, which describe, inter alia, the current beliefs and expectations of the management of Next Games regarding the future plans and objectives concerning future activities and goals of Next Games. All such statements involve risks and uncertainties, which may cause the achievements of Next Games to differ materially from what has been expressed or implied in such statements.

Next Games
Next Games (Helsinki Nasdaq First North: NXTGMS) is a publicly listed mobile game developer and publisher specializing in games based on entertainment franchises, such as movies, TV series or books. The developers of the critically acclaimed The Walking Dead: No Man's Land, redefines the way franchise entertainment transforms into highly engaging service-based mobile games. The Walking Dead: No Man's Land, based on the popular AMC TV series, has been downloaded over 16 million times. Next Games employs over 80 people and is based in Helsinki, Finland.